New Orleans Real Estate – Tax Credit Extension
11.6.09 – While it is not yet official until President Obama signs it into law, there is new legislation that will extend and expand the home buyer tax credit.
Here are the details:
Extend - The new law will extend the deadline for sales contracts to April 30, 2010 and closed by June 30, 2010. This is good news for buyers wanting to take advantage of the tax credit but still have not found that perfect property.
Expand - For new home buyers the tax credit remains $8,000, but now existing home owners can take advantage of a $6,500 tax credit. To be eligible the existing homeowner must have resided in their primary residence for five consecutive years out of the previous eight. It also expands the income level to $125,000 to individuals and $225,000 for married couples.
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This New Orleans real estate blog post was provided by Darryl Glade, Realtor with RE/MAX N.O. Properties. Darryl can be reached at darrylglade@remax.net or by phone at 504.451.8960. Darryl’s real estate office is conveniently located in Uptown New Orleans at 8001 Maple Street. Darryl works throughout the Greater New Orleans area including Uptown, Lakeview, Broadmoor, Mid-City, Metairie, Kenner, Westbank, French Quarter, and the Warehouse District.
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